In a magazine interview, Catherine Zeta-Jones, the Welsh actress and wife of Michael Douglas, describes one of her daily chores, which involve making choices.
“It is,” she said, “deciding whether to buy that beautiful little dress she had found while shopping in California, knowing full well that the shoes you need to go with it were in one of your homes in the Caribbean or Europe.”
Pity the rich and famous!
We have more choices today than we have ever had in history and yet making countless decisions each day may be a burden rather than a pleasure. In this excellent book, which brings in scientific research and personal examples, Dr. Sheena Iyengar, Professor at Columbia University, describes just why some of these choices are so difficult.
Thinking Fast and Slow is one of Amazon’s best sellers at the moment. Deservedly, so. This book is the summary of the research done by Nobel Prize winner Daniel Kahneman for the past 40 years in behavioral economics.
Behavioral what? Don’t switch off just yet. The book is easy to read and a lot of fun. Have you ever thought that you were being a bit lazy (intellectually speaking, that is?) This book will explain why and a whole lot more. It gives any business person a sharp insight into how irrational decisions can be made by some very intelligent people. Kahneman is a brilliant scholar and an absolute delight to read.
Filed under Book Review, Business, Business Schools, Entrepreneurship, France, Intercultural, Management, Psychology, Research, Strategy, USA
This book is an excellent read whether you are a business student or not. It gives a fascinating insight into why we make decisions that are not totally rational or in our long term interest. Few things could sound as boring as “behavioral economics”! This book is anything but boring.
High-priced entrées on the menu boost revenue for the restaurant
Among other things you will learn why people will steal a coke from a fridge but not cash (i.e why we can be honest in one context and dishonest in another), why people prefer taking medicine that is more expensive even though there is a cheaper version that works in the same way, why we try to save pennies on some things and then spend enormous amounts of money on an expensive meal.